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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2016
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    December 23, 2016
    Government of India to launch Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana
    Show AI Summary
    Digital payments incentive schemes use prize draws to drive consumer and merchant adoption through specified eligible channels.
    Central government initiative uses incentivised prize draws under the Lucky Grahak Yojana (consumers) and Digi Dhan Vyapar Yojana (merchants), implemented by the National Payments Corporation of India, to promote digital transaction uptake. Eligibility is limited to transactions through RuPay cards, USSD, UPI and AEPS, with draws conducted across multiple cities and outreach through Digi Dhan Mela booths and help centres to assist citizens and merchants with app downloads and transaction facilitation.
    December 17, 2016
    Growth of Corporate Sector
    Show AI Summary
    Minimum paid-up capital removal facilitates company incorporation and streamlines registration and compliance processes.
    The Ministry of Corporate Affairs reported rising numbers of active companies through 2016 and stated the impact on employment has not been assessed. To promote growth and improve ease of doing business, the Ministry removed the minimum paid up capital requirement at incorporation, made the common seal optional, established a Central Registration Centre, deployed the SPICe electronic incorporation form, and granted conditional exemptions or relaxations under the Companies Act, 2013 including for startups.
    December 17, 2016
    Early Warning System to Detect Fraud
    Show AI Summary
    Early Warning System being developed to detect financial frauds; no Companies Act rehabilitation or compensation scheme exists.
    An Early Warning System is being developed through an engaged consulting agency to enable early identification and pre-intimation of financial frauds; development is iterative and results will follow once the conceptual framework stabilises. Concurrently, no scheme exists under the Companies Act for rehabilitation or compensation of victims affected by corporate financial frauds.
    December 17, 2016
    Capital structure of Nidhi Companies
    Show AI Summary
    Capital requirements for Nidhi companies restrict debt issuance and set membership and net-owned-fund thresholds for operation.
    A Nidhi must be a public company maintaining a minimum paid-up equity share capital, is prohibited from issuing preference shares, debentures or any other debt instrument, and may not admit a body corporate or trust as a member. Within one year of the Rules' commencement each Nidhi must meet a minimum membership threshold and maintain Net Owned Funds at or above the prescribed level or any higher amount specified by the Central Government.
    December 17, 2016
    Contribution to Political Parties
    Show AI Summary
    Corporate political contributions limited by law; eligibility, disclosure and procedural restrictions govern donations to parties and electoral trusts.
    Section 182 of the Companies Act, 2013 permits a non-government company with at least three years' existence to contribute up to a statutory proportion of its average net profits for the preceding three years to registered political parties or electoral trusts, subject to eligibility, disclosure, accounting and other restrictions; the provision does not apply to foreign companies.
    December 10, 2016
    Monopoly by Cellular Service Providers
    Show AI Summary
    Abuse of dominance and anti-competitive conduct prompt multiple CCI investigations into cellular providers, seeking penalties and cessation.
    The Competition Commission of India has registered four investigations into alleged anti-competitive agreements and abuse of dominance by private cellular service providers following complaints naming industry associations, multiple mobile operators and, in one instance, regulatory and public telecommunication entities; the CCI is empowered to impose penalties and issue cease and desist orders under the Competition Act, 2002.
    December 9, 2016
    Investor Education and Protection Fund
    Show AI Summary
    Unclaimed investor funds credited to Investor Education and Protection Fund, refunds and awareness funded via budgetary allocations.
    Unclaimed and unpaid amounts must be credited to the Investor Education and Protection Fund and, once credited, form part of the Consolidated Fund of India; refunds to eligible investors and financing of investor-awareness programmes are effected through separate Ministry budgetary allocations rather than direct utilization of the Fund.
    December 9, 2016
    CSR and Social Audit
    Show AI Summary
    Corporate Social Responsibility obligation requires boards to adopt CSR policies and allocate funds across prescribed development sectors.
    Section 135 of the Companies Act 2013 mandates a Corporate Social Responsibility contribution by companies above specified financial thresholds, calculated from average net profits of the preceding three years, and tasks Boards with framing CSR policies and allocating funds across development sectors; government data for 2014-15 shows a mix of reporting and non reporting among companies, differentiating public and private sector conduct and aggregate reported expenditures.
    November 29, 2016
    FM: Present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world; Hope that it will deliver the desired results; Hands-over the Certificates of Registration to these two Insolvency Professional Agency (IPA) companies
    Show AI Summary
    Insolvency Professional Agency registration enables enrolment and regulation of insolvency professionals, advancing the new insolvency framework.
    Two Section 8 not-for-profit companies have been registered as Insolvency Professional Agencies authorised to enrol insolvency professionals, prescribe and monitor standards of professional conduct, supervise member performance and redress consumer grievances; their registration under the Insolvency Professional Regulations, 2016 enables commencement of professional enrolment and advances implementation of the Insolvency and Bankruptcy Code, 2016.
    November 23, 2016
    Insolvency and Bankruptcy Board (IBBI) of India notifies two Regulations; The IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and IBBI (Insolvency Professional Agencies) Regulations, 2016
    Show AI Summary
    Insolvency professional agency eligibility updated: new regulations set corporate eligibility, board composition and mandatory oversight committees.
    The IBBI notified two regulations prescribing eligibility norms and governance requirements for Insolvency Professional Agencies and professional members. Eligible agencies must satisfy a minimum net worth requirement, restrict the share of insolvency professionals on their boards while ensuring a majority of independent directors, adopt model bye-laws, and constitute Membership, Monitoring, Grievance Redressal, and Disciplinary Committees to regulate enrollment, oversight, complaints, and disciplinary processes.
    November 19, 2016
    FM: To ensure future increases in agriculture output and farmers’ income by 2022, focus should be on higher agriculture productivity; To increase the price benefits to the farmers, it is necessary that the farmers are provided timely market information and developing software applications, both computer and mobile based, that link farmers to consumers
    Show AI Summary
    National Agriculture Market reforms to integrate regulated mandis and improve farmer price benefits through technology and market access.
    Prioritise agricultural productivity and farmer incomes through technology (high-yield seeds, water-efficient irrigation, IT tools linking farmers and consumers) and revisit farming incentives to reduce wastage and improve marketing. Implement a National Agriculture Market by integrating over five hundred regulated mandis via State APMC Act reforms. Operational suggestions include increased funds to District Cooperative Banks post demonetisation, cargo hubs/dry ports at production centres, Agriculture Marketing Research Departments at universities, debt-relief schemes, enforced differential interest rates for agriculture, innovation awards, cold-chain investment, and larger budgetary support for agriculture.
    November 18, 2016
    Unclaimed Dividend Fund
    Show AI Summary
    Unclaimed dividend transfers to Investor Education and Protection Fund require budgeted refunds to eligible investors and investor awareness funding.
    Specified unclaimed and unpaid amounts, including unclaimed dividends, must be credited to the Investor Education and Protection Fund; such amounts are part of the Consolidated Fund, and the Ministry receives separate budgetary allocations from that Fund to refund eligible investors whose amounts were credited and to finance investor awareness activities under the Companies Act.
    November 18, 2016
    Frauds/Irregularities by Companies
    Show AI Summary
    Definition of fraud expanded under company law, strengthening SFIO powers and mandating technology-driven fraud detection.
    SFIO has handled a rising volume of corporate fraud references, initiating numerous prosecutions with several court disposals and convictions imposing imprisonment and fines on directors. Its statutory mandate under company law is to investigate violations of the Companies Act and pursue penal action. The Government has strengthened fraud detection and response by defining Fraud in the Companies Act, conferring statutory status on SFIO, and deploying technology such as data mining and Forensic Audit; SFIO's year-to-year expenditures have been reported.
    November 9, 2016
    The Investor Education and Protection Fund Authority (Recruitment, Salary and other Terms and Conditions of Service of officers and other employees) Rules, 2016
    Show AI Summary
    Investor Education and Protection Fund Authority sets recruitment, deputation, pay and service conditions for its officers and employees.
    These rules set recruitment, pay bands, grade pay, deputation procedures, eligibility and service conditions for all officers and employees of the IEPF Authority. The Schedule specifies posts, methods of recruitment and selection committees; deputation appointments require invited applications and evaluation by the Schedule specified committee. Deputation periods are three years for grade pay below Rs.6600 and five years for grade pay Rs.8700 or above, subject to extension and a maximum deputation age of fifty six; service conditions, HRA, leave and disciplinary procedures follow corresponding Central Government rules.
    October 22, 2016
    Government Approves Four (4) Proposals of Foreign Direct Investment (FDI)
    Show AI Summary
    Foreign Direct Investment approvals, deferrals, rejections and categorisation clarified for acquisitions, reorganisations and post facto regularisations.
    The Government approved four FDI proposals recommended by FIPB: DiaVikas Capital Private Limited's buy back to enable 100% foreign shareholding; IFC FIG Investment Company I's purchase of a minority stake in Bandhan Financial Services Ltd.; IBM India Pvt Ltd's corporate reorganisations and multiple post facto approvals for subsidiaries and dormant status; and BNP Paribas' acquisition of Sharekhan Limited and related holding company in the NBFC/financial services sector.
    October 22, 2016
    NBCC OFS gets oversubscribed 1.54 times in non-retail category and 1.50 times in retail category.
    Show AI Summary
    Retail reservation and cut-off price sequencing shaped the OFS sale, granting retail discount and separate T/T+1 bidding windows.
    Disinvestment proceeded by an Offer For Sale of fifteen percent of paid-up equity with twenty percent reserved for retail investors; non-retail bids were taken on T day to discover a cut-off price and retail bids on T+1 could use that cut-off or submit price bids, with retail bids below the small-investor threshold receiving a five percent discount; floor and reference market prices were published and the sale reduced the Government's shareholding to seventy-five percent.
    October 3, 2016
    Ministry of Corporate Affairs took another bold initiative in Government Process Re-engineering (GPR)
    Show AI Summary
    Company incorporation form SPICe streamlines electronic filings, standardises e MOA/e AOA formats and replaces older INC forms.
    Ministry of Corporate Affairs introduced the Simplified Proforma for Incorporating a Company Electronically (SPICe) e-Form to standardise and expedite company incorporation by replacing INC-29 and INC-7. SPICe requires linked e MOA and e AOA (except Section 8 companies), permits incorporation with a pre-approved name, mandates Digital Signature Certificates for subscribers and witnesses, and aims to improve back-office review speed through a fully digital filing process.
    September 28, 2016
    Cabinet approves Closure of Hindustan Cables Limited, Kolkata
    Show AI Summary
    Closure of public sector company: approval provides voluntary separation packages and statutory settlement of employee and creditor liabilities.
    Approval is granted for the closure of Hindustan Cables Limited, Kolkata under applicable company and labour laws, to be implemented in a time bound manner following Department of Public Enterprises guidelines. Employees will be offered voluntary separation packages (VRS/VSS) at notional historic pay scales and outstanding salary and wage liabilities will be settled; retrenchment procedures under the Industrial Disputes Act will be followed where required. Creditor arrangements include negotiated One Time Settlement with secured lenders and conversion of government loans into equity, while disposal of movable and immovable assets will proceed to enable optimal reuse.
    September 21, 2016
    Government Approves Three (3) Proposals of Foreign Direct Investment (FDI)
    Show AI Summary
    Foreign Direct Investment approvals: selected proposals cleared; other proposals deferred or not within FIPB jurisdiction.
    Government approvals and administrative classifications by FIPB record three FDI proposals approved, seven deferred pending further scrutiny, and two proposals not lying before the Board because they fall under the automatic route or otherwise do not require FIPB consideration. Approved items cover additional manufacturing and distribution activities and share transfers; deferred items range from succession-related share transfers and object changes in a publishing company to downstream investments, proposed mutual-fund distribution activities, divestment and repatriation of proceeds, and complex financial-sector acquisitions. A tabled insurance-broking acquisition was recommended for increased FDI after amendment of transactional documents.
    September 21, 2016
    Winding up of Hindustan Diamond Company Private Limited
    Show AI Summary
    Winding up of a government-De Beers joint venture approved; diamond supply continuity supported by SNZ viewing and e auction access.
    Approval was granted to initiate the winding up of Hindustan Diamond Company Private Limited, a 50:50 government-De Beers joint venture formed to supply rough diamonds to Indian processors. The action is not expected to disrupt supply because Indian firms have become sightholders and a Special Notified Zone at the Bharat Diamond Bourse facilitates domestic viewing by Foreign Mining Companies while sales occur via e-auction from abroad, maintaining market access for smaller manufacturers.

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      Corp. Laws, SEBI & IBC

      Government Approves Four (4) Proposals of Foreign Direct Investment (FDI)

      October 22, 2016

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      Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 240th Meeting held on 26th September 2016, the Government of India has approved four (04) of Foreign Direct Investment (FDI) proposals as per details enclosed.

       The following four (04) proposals have been approved:

      S. No

      Item No

      Name of the applicant

      Gist of the proposal

      Sector

      FDI (Rs.  crore)

      1

      1

      M/s DiaVikas Capital Private Limited

      Approval has been sought by M/s DiaVikas Capital Private Limited for buy-back of all the shares from the resident shareholders thereby increasing the foreign shareholding in the company to 100%.

      CIC

      Nil

      2

      4

      M/s IFC FIG Investment Company I

      Approval has been sought by M/s IFC FIG Investment Company I (Transferee) to purchase 3,646,937 equity shares of Bandhan Financial Services Ltd. from International Finance Corporation, constituting 2.85% of the paid up equity share capital of Bandhan Financial Services Ltd. (BFSL).

      NBFC

      Nil

      3

      10

      M/s IBM India Pvt Ltd

      Approval has been sought by IBM India Private Limited for the following:

           i.            Merger of its Wholly owned subsidiaries i.e. Telelogic India Private Limited, Unica Softtech Systems India Private Limited and Bigfix Software (India) Private Limited (all dormant companies) into its another WoS, Sterling Commerce Solutions Private Limited which is an investing company.

         ii.            Post-facto approval for Telelogic India Private Limited, a subsidiary of IBM India to act as an investee company which is holding investments in IBM Business Consulting Services Private Limited till its merger into Sterling India

      iii.            Post facto approval for Network Solutions Private Limited for holding 2 shares in Telelogic India.

      iv.            Post facto approval for Unica Softtech Systems India Private Limited, Bigfix Software (India) Private Limited and Sterling Commerce Solutions Private Limited for acting as dormant companies, after transfer of software development business to their holding company, IBM India.

        v.            Post facto approval for M/s Micromuse India Private Limited, Cognos Software Private Limited, Ascential Software (India) Private Limited, Corio India Infotech Services Private limited and PSDI India Private Limited for acting as dormant companies, after transfer of software development business to their holding company, Telelogic India.

      IT, Investing company

      Nil

      4

      14

      M/s Sharekhan Limited

      Approval has been sought for:-

      1. Acquisition of up to 100% of the share capital of M/s Sharekhan Limited (‘SKL/Sharekhan’) other than the shares held in Sharekhan by M/s Human Value Developers Private Limited (‘HVD’) by M/s BNP Paribas SA France (‘BNPP’) and/or one or more of BNPs French subsidiaries
      2. Acquisition of 100% capital of HVD by BNPP and/ or one or more of BNPs French subsidiaries

      NBFC/ financial services

      INR 2060

       

                  The following three (03) proposals have been deferred:

       S. No.

      Item No

      Name of the applicant

      Gist of the proposal

      Sector

      1

      7

      M/s Flag Telecom Singapore Pte Limited

      M/s Flag Telecom Singapore Pte. Limited, Singapore an indirect wholly owned subsidiary of Reliance Communications (RCOM), India has sought approval to acquire 100% shares of M/s Reliance Global Cloud Xchange Limited which has been recently incorporated in June 2016 by Indian residents.

      Telecom

      2

      9

      M/s You Broadband India Limited

      M/s You Broadband India Limited (YBIL) has sought post facto approval for acquisition of 9,79,875 equity shares of its downstream company M/s Digital Outsourcing Private Limited (DOPL) in lieu of issue of 20,58,759 equity shares to its resident shareholders by way of swap of shares

      Telecom

      3

      12

      M/s Idea Cellular Infrastructure Services Limited

      M/s Idea Cellular Infrastructure Services Limited (ICISL) is a wholly owned subsidiary of IDEA, which has become a foreign owned company with more that 50% foreign investment. Accordingly, ICISL is also deemed to have foreign investment in excess of 50% as a mirror image of its parent company. The proposal is to take on record the increase of foreign investment in ICISL beyond 50% and allow foreign investment in ICISL up to 67.5%.

      Telecom

       The following four (04) proposals have been rejected:

       S. No.

      Item No

      Name of the applicant

      Gist of the proposal

      Sector

      1

      2

      M/s Limpkin Telecom Private Limited

      M/s Limpkin Telecom Private Limited has sought approval for 100% foreign investment for providing telecom services from Ms. Jorden Elizabeth, a UK citizen for an aggregate consideration of INR 3.00 crore.

      Telecom

      2

      3

      M/s Damco Soft Private Limited

      M/s Damco Soft Private Limited  has sought ex post facto approval and regularization for the initial pre incorporation expenses of ₹ 33,72,924/-made by its parent company M/s Damco Solutions Limited, UK

      IT/ITES

      3

      6

      M/s Packt Publishing Services (India) Pvt.

      M/s Packt Publishing Services (India) Pvt. Ltd has sought approval to allot 99% equity shares (99%) to its holding Company M/s Packt Publishing Limited, UK as its first subscriber.

      Print and Publication

      4

      12

      M/s BT Global Communica-tions

      M/s BT Global Communications (Mauritius) Limited has sought approval to acquire remaining 26%  equity and preference share capital of M/s BT Telecom India Private Limited (Investee Company) from M/s Jubilant Stock Holding Private Limited, which will result in increasing its shareholding in the investee company from 74% to 100%.

      Telecom

       The following four (04) proposals do not lie before FIPB:

       S. No.

      Item No

      Name of the applicant

      Gist of the proposal

      Sector

      1

      5

      M/s Perrigo API India Pvt. Ltd.

      Approval has been sought by M/s Perrigo API India Pvt. Ltd. to increase the stake of M/s Perrigo Netherlands B.V. from 85% to 90.35% by conversion of ECB loan and related outstanding interest into equity by issuing 2,84,12,274 equity shares. As per FIPB approval dated December 5, 2013, 100% FDI is permitted in the Company.

      Pharma

      2

      10

      GS Sarin

      Post-facto approval has been sought by M/s Wuxi Yushou Medicare Private Limited for receiving foreign investment of 0.87 crores from Wuxi Yushou Medical Appliances Co. Ltd in November 2014, without FIPB approval.

      Medical devices

      3

      15

      M/s Whizdm Innovations Private Limited

      The company has proposed to undertake activities of mutual fund distributor through its mobile application namely, Moneyview to assist its users in investing into mutual funds. In this context, the Company has sought: 

      (i)     Confirmation of the FIPB that the proposed activities of acting as a mutual fund distributor are under the automatic route.

      (ii)    If the proposed activities fall under the other financial services sector which is under approval route, FIPB’s approval may be granted.

      Financial Services

      4

      16

      M/s BNP Paribas Asset Management India Private Limited

      M/s BNP Paribas Asset Management India Private Limited, (BNPP AMC), a 100% foreign owned company has sought approval for downstream investment into M/s MF Utilities India Private Limited (MFUI), which is registered with SEBI for acting as registrar to an issue in Category II* (to carry on the activity either as a registrar to an issue or as a share transfer agent).  For said investment, MFUI proposes to issue fresh equity share capital to BNPP AMC.

      Financials services

      The following one (01) proposal has been withdrawn:

      S. No.

      Item No

      Name of the applicant

      Gist of the proposal

      Sector

      1

      13

      M/s Morgan Stanley India Primary Dealer Pvt. Ltd.

      M/s Morgan Stanley India Primary Dealer Pvt. Ltd. has sought approval for increasing equity participation from 75% to 100% by way of transfer of equity shares from M/s Morgan Stanley India Capital Private Limited (indirectly owned by Foreign Investor) to M/s Morgan Stanley Mauritius Company Limited, Mauritius by amending the earlier approval.

      Financial Services

       

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